61. Summary. Cox v. Hickman and Smith v. Anderson, supra, would place on practically indisputable ground, in English decision, that a trustee vested with the legal title and absolute control of property in a trading concern is not an agent of cestuis que trust, nor are they responsible for his acts and contracts. It is further to be specially observed, that these two cases consider two kinds of cestuis que trust, those whose interests in profits in a trust embarked in trade depend upon the ownership of transferable certificates or shares of stock and those whose interests are defined otherwise by the deed of trust, namely, the aimount of the indebtedness of creditors respectively. This, however, seems wholly unimportant as affecting the status of the trustee with respect to third persons and the non-liability of cestuis que trust. Their equitable interest is in the trust estate, and as said in a Massachusetts case: 10 "The cestui que trust takes the whole legal title to LOBroadway National Bank v. Adams (1882), 133 Mass. 170, 43 Am. Rep. 504. The accrued income at the moment it is paid over to him." This might be even more strongly expressed by saying that he takes the whole legal title to the accrued income at the moment it should be paid over to him, because beyond that time there would be a wrongful withholding by the trustee. This clears the way for a consideration of American cases on the line pursued in this chapter....

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